Central bank is a financial institution which controls and supervises the entire monetary system of a country while Commercial bank may be defined as a financial institution which carries out retail banking services, set up for keeping and lending money to...
A development bank is a financial institution specifically established to provide long-term capital investment in specific productive areas of the economy such as Industry, Agriculture and Commer....
The capital market is a financial market for trading in, long-term financial assets. It is a market for long-term loans and investments. It consists of people and organizations who wish to lend out money or to borrow on a long-term basis....
The money market is a financial market for trading in shortterm financial assets. It consists of individuals (and organizations) who wish to lend out money on a short term and those who wish to borrow. It is therefore a market for...
International economic is concerned with the effects upon economic activities from international differences in productive resources and consumer preferences and the international institutions that affect them....
The Nigerian National Petroleum Corporation (NNPC) was established in 1977 by the NNPC Act No. 33, through the merger of the Nigerian National Oil Company (NNOC) and the then Ministry of Petroleum Resources.
The main function of the NNPC was primarily operational...
Balance of payments is a systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payment is...
The ground work for the formation of ECOWAS can be traced to the efforts of the heads of States of Nigeria and Togo in 1972. They had a series of meetings and sent draft proposals to other heads of States of...
Economic integration is a condition of international trade in which all trade barriers and restrictions are removed. There is perfect capital mobility, complete freedom of migration, complete freedom of establishment of businesses and unhindered flow of information and technology....
Money Income in economics is the price of inputs such as fixed supply such as land, the principal or even a unique talent such as a footballer or musicians while Real Income is the amount of goods and services that a...
Commercial policy in international trade refers to deliberate efforts on the part of a government to intervene in the country’s trade relations with other countries. Commercial policy aims at regulating trade and protecting the economy....
Domestic trade refers to the actions of exchange of goods, both goods and services, between buyers and sellers residing in the same locality, region or nation while International trade is defined as all that economic activity in which people or companies...
A tax is a compulsory payment made by citizens and corporate bodies to the government to enable it carry out its responsibilities. Examples include income and property tax....
National debt or public debt is the total debt a country owes to its citizens, governments of other countries or international financial organizations like the World Bank and International Monetary Fund (IMF).
The debt which a country owes its citizens is known...
Petroleum Industry | Crude oil is the most important of all the mineral resources found in Nigeria. Before oil was discovered, agriculture played the dominant role in Nigeria’s development....
National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country...
Government Budget is a detailed statement indicating estimates and sizes of anticipated revenue and proposed expenditures for a period of time, usually a year.
When a government decides to spend more than its revenue, it is said to have a Deficit Budget...
Public Finance is an aspect of economics that state how a government gets and spends the revenue it collects. In a more technical sense, it can be defined as that branch of economics that studies the relationship between the revenue and...
